EUR/USD: Potential leg higher to target 1.2180 – OCBC

On Thursday, the EUR/USD pair gave up intraday gains to revert back near the 1.2150/60 handle. Terence Wu, FX Strategist at OCBC Bank, stays neutral on the euro. 

Key quotes

“EUR/USD brought out of the 1.2200 resistance, before retracing back to the 1.2140/60 vicinity. This keeps us neutral for now, but the bias has shifted towards a potential upward extension, with the initial target at 1.2180, then Thursday’s high at 1.2240.” 

“Support is at 1.2100 for now.”